President Obama Announces Plan to Aid Wrongfully Foreclosed Veterans

7 years 3 months 1 week ago Tuesday, March 06 2012 Mar 6, 2012 Tuesday, March 06, 2012 4:48:00 PM CST March 06, 2012 in News
By: Brian Bondus
loading

COLUMBIA - President Obama announced Tuesday a plan to give "significant relief" to service members who were foreclosed upon illegally. 

"It is unconscionable that members of our armed forces and their families are among those who were most susceptible to losing their homes due to the unscrupulous acts of banks and mortgage lenders," said President Obama during a White House news conference.

The plan requires no Congressional action and will reduce refinancing fees for homeowners with government-backed loans. The main part of the plan aims to aid service members who were the victims of foreclosure fraud, predatory mortgage practices, and other improper foreclosures.

This comes as a result of the Feb. 9 announcement that the five largest mortgage lenders in the nation agreed to pay $26 billion to settle a government lawsuit claiming mortgage loan and foreclosure abuses. At least $20 billion is to be returned to aggrieved homeowners, according to White House and Housing and Urban Development Department news releases.

Under the agreement, lenders will:

--Review the records of every service member whose home was foreclosed upon since 2006 and provide any who were wrongly foreclosed upon with compensation equal to a minimum of lost equity, plus interest and at least $116,785;

--Refund to service members money lost because they were wrongfully denied the opportunity to reduce their mortgage payments through lower interest rates;

--Provide relief for service members who are forced to sell their homes for less than the amount they owe on their mortgage due to a permanent change in station;

--Pay $10 million into the Veterans Affairs fund that guarantees loans on favorable terms for veterans; and

--Extend certain foreclosure protections afforded under the Service Member Civil Relief Act to those serving in harm's way.

"In putting ten million dollars into the Veteran Affairs fund ongoing for either lower fees or lower interest rates is probably the biggest impact going forward." said Terry Collier, Boone County Mortgage Officer.

Service members and veterans who believe they can take part in the settlement are encouraged to call the Justice Department at 1-800-896-7743.

More News

Grid
List
MILLER COUNTY - A Brumley man was pronounced dead at the scene of a single car accident on MO 42... More >>
3 hours ago Sunday, June 16 2019 Jun 16, 2019 Sunday, June 16, 2019 8:33:00 PM CDT June 16, 2019 in News
FULTON - Two Fulton residents were arrested Sunday afternoon after authorities say they resisted arrest. Fulton Police attempted to... More >>
6 hours ago Sunday, June 16 2019 Jun 16, 2019 Sunday, June 16, 2019 5:34:00 PM CDT June 16, 2019 in News
OLEAN - As natural disasters swept through Missouri, some people are unable to stay in their homes. Flood victims... More >>
6 hours ago Sunday, June 16 2019 Jun 16, 2019 Sunday, June 16, 2019 5:00:00 PM CDT June 16, 2019 in News
ELDON - A St. Charles woman has died from injuries sustained after a golf cart crash in Eldon Saturday. ... More >>
7 hours ago Sunday, June 16 2019 Jun 16, 2019 Sunday, June 16, 2019 4:42:00 PM CDT June 16, 2019 in News
JEFFERSON CITY (AP) — A bill dubbed the "Jedi Disposal Act" could soon make Missouri the first state to allow... More >>
9 hours ago Sunday, June 16 2019 Jun 16, 2019 Sunday, June 16, 2019 2:50:12 PM CDT June 16, 2019 in News
COLUMBIA - The missing 5-year-old girl found safe in North Carolina this week is now back in her father's custody.... More >>
1 day ago Saturday, June 15 2019 Jun 15, 2019 Saturday, June 15, 2019 8:59:00 PM CDT June 15, 2019 in News
COLUMBIA - Shelter Insurance will hold its 43rd season of Concerts in the Garden series. According to Shelter Insurance's... More >>
1 day ago Saturday, June 15 2019 Jun 15, 2019 Saturday, June 15, 2019 8:12:00 PM CDT June 15, 2019 in News
MORGAN COUNTY - Five people were injured when a passenger boat exploded on the Lake of the Ozarks Saturday afternoon.... More >>
1 day ago Saturday, June 15 2019 Jun 15, 2019 Saturday, June 15, 2019 6:56:00 PM CDT June 15, 2019 in News
COOPER COUNTY - One man is dead and another injured after a two vehicle collision in Cooper County Friday afternoon.... More >>
1 day ago Saturday, June 15 2019 Jun 15, 2019 Saturday, June 15, 2019 4:20:47 PM CDT June 15, 2019 in News
BOONE COUNTY - Workers and volunteers began cleaning up Cooper’s Landing Saturday after recent flooding forced them to close down... More >>
1 day ago Saturday, June 15 2019 Jun 15, 2019 Saturday, June 15, 2019 3:04:00 PM CDT June 15, 2019 in News
HATTON - One man is in custody after leading Callaway County Sheriff's deputies on a chase near Hatton Friday evening.... More >>
1 day ago Saturday, June 15 2019 Jun 15, 2019 Saturday, June 15, 2019 3:04:00 PM CDT June 15, 2019 in News
COLUMBIA - Two more women were arrested in connection to the case of a missing Boone County child who was... More >>
1 day ago Saturday, June 15 2019 Jun 15, 2019 Saturday, June 15, 2019 10:12:00 AM CDT June 15, 2019 in News
COLUMBIA - Cooper's Landing is asking people to help them clean up after recent flooding. The restaurant closed nearly... More >>
2 days ago Friday, June 14 2019 Jun 14, 2019 Friday, June 14, 2019 11:10:00 PM CDT June 14, 2019 in Continuous News
MEXICO - Ayanna Shivers made history on April 8 when the Mexico City Council elected her mayor. Shivers is... More >>
2 days ago Friday, June 14 2019 Jun 14, 2019 Friday, June 14, 2019 10:58:00 PM CDT June 14, 2019 in News
RUSSELLVILLE - The volunteer fire department in Russellville is celebrating after receiving new tires for one of its trucks. ... More >>
2 days ago Friday, June 14 2019 Jun 14, 2019 Friday, June 14, 2019 9:42:00 PM CDT June 14, 2019 in News
COLUMBIA - A Chariton County man charged with involuntary manslaughter in the death of his fiance has pleaded not guilty.... More >>
2 days ago Friday, June 14 2019 Jun 14, 2019 Friday, June 14, 2019 9:04:00 PM CDT June 14, 2019 in News
COLUMBIA - People living along West Broadway in Columbia are joining forces to protect three 100 year old houses. ... More >>
2 days ago Friday, June 14 2019 Jun 14, 2019 Friday, June 14, 2019 7:08:00 PM CDT June 14, 2019 in News
JEFFERSON CITY – Employees at Veterans United Home Loans donated $100,000 Friday to the American Red Cross for tornado and... More >>
2 days ago Friday, June 14 2019 Jun 14, 2019 Friday, June 14, 2019 6:44:00 PM CDT June 14, 2019 in News
Columbia, MO
Broken Clouds 73°
12am 71°
1am 70°
2am 69°
3am 68°